Global Crypto Market Cap Falls to Nearly $250 Billion

All cryptos are down today some 10% or more, with the global market cap losing half a trillion since December to now stand at $273 billion.

Trading volumes have also fallen to $15 billion during the past 24 hours, considerably down from $60 billion at the peak in December.

While bitcoin has seen an increase in its market share from nearly 30% to now 40% as other coins begun falling faster in the past few days.

Ethereum, in turn, is maintaining its market share at almost 18%, suggesting it is other coins, mainly outside of the top four, that are falling the most.

All, however, are very much in red, including bitcoin which fell another 6% today, with ethereum turning down even faster losing 11% after it fell 10% yesterday.

Current top cryptos.

EOS has nearly halved in the past few days from around $14 billion, with much of everything else losing a considerable amount in market caps.

All are down at least some 75% since their peak, with some losing 80%, 90% or more as a sell-off has been ongoing for the past few days.

What caused it is unclear, with it likely to be many reasons rather than just one. Arguably the EOS messy launch may have dragged all the rest down and may have turned sentiment, but it could just be a matter of sell in May and go away.

Bitcoin’s price action on 3d.

Bitcoin is currently testing a significant support level. Ethereum has already broken it earlier today, facing its significant support at $470.

For bitcoin, it hasn’t gone below the current price since it first reached it. Where it would land is anyone’s guess, but 6,000 should be a barrier for bears to overcome, and then 5,000 an even bigger barrier.

For ethereum, whether 300 will hold might be a question we ask again, but it has some way to go if it heads that way. 470, as stated, would be significant support, then 420, then 370 might give some considerable resistance to bears.

This may all turn around and bounce up for all we know, but just what exactly it will do remains to be seen in the coming days and weeks.